S&P 500 Approaches $5,800 as Stock Markets Close with Decent Gains

Posted on November 5, 2024 by Skerdian Meta

As U.S. voters head to the polls, the major U.S. indices such as the S&P 500 made some decent gains and closed near the daily highs, reflecting broad market gains. Treasury yields showed a mixed performance, with longer-term yields edging lower, while European markets remained steady to slightly positive, indicating cautious global sentiment influenced by recent economic data and bond activity. In currency markets, the USD weakened against other major currencies amid election uncertainties.

Continue reading “S&P 500 Approaches $5,800 as Stock Markets Close with Decent Gains” →

Why Bitcoin Is Very Likely to Shoot Past $70K

Posted on November 5, 2024 by Timothy St. John

The stock market may be in stagnation as US elections take place today, but the cryptocurrency market is not, with many major coins gaining rapidly as the day progresses.

Bitcoin is rising out of its recent slump.

Bitcoin (BTC) is hovering just below $70K right now at $69,7672 (BTC/USD) and will likely climb higher later on today. We expect it to pass $70K easily before the election results are in.

What is remarkable is that Bitcoin has gained nearly 3% over the last 24 hours, despite most major markets holding steady with uncertainty as they await election results. Cryptocurrency is poised to do well no matter who is elected, and that is great for investors. Both Donald Trump and Kamala Harris have offered their support for cryptocurrency in general, but specifically how that will play out has yet to be seen

Trump has given some indication of how he will provide support for investors, token producers, and decentralized finance in general thanks to the launch of his World Liberty Financial platform and its new crypto token. Harris has been less specific but did pledge to improve the regulatory framework surrounding cryptocurrency.

While Trump looks like the crypto candidate, either party taking over the office could be a boon for crypto, if the new President fulfills their promise to crypto investors.

Bitcoin Price Prediction

With Trump being the bigger crypto supporter, we expect that a win for him would mean that Bitcoin will shoot past $70K quickly and hit a new high in days. A win for Harris will likely mean a slower ascent but still result in Bitcoin moving past $70K and staying there for a few days.

On the horizon, we have another Fed interest cut, which should happen this month since we are nearing the 2% inflation rate that the Federal Reserve said was its target goal for that economic metric. Of course, when that cut is made, it should propel Bitcoin even higher, just as the last one did.

The rapid movement within the cryptocurrency market right now is also working in Bitcoin’s favor Dogecoin (DOGE), Avalanche (AVAX), and a number of other crypto tokens are very bullish right now, and that helps draw more attention to Bitcoin as a viable investment with a quick return during this period where the stock market tends to stagnate.

USDCAD 1 Cent Lower, Ignoring Lower Canada Trade Balance

Posted on November 5, 2024November 5, 2024 by Skerdian Meta

USDCAD has retreated 1 cent lower this week, despite the economic weakness in Canada, as the growing trade deficit in the Canadian trade balance report shows. However, this move is due to the US elections being held today, so the outcome will also determine the trend in the following months in this pair. Continue reading “USDCAD 1 Cent Lower, Ignoring Lower Canada Trade Balance” →

USD Continues the Retreat Despite the Jump in ISM Services

Posted on November 5, 2024November 5, 2024 by Skerdian Meta

Despite the positive ISM Services data, market activity has been subdued, showing a bearish trend against the USD. The lack of major economic reports during the European session has left investors in a holding pattern, awaiting the results of the U.S. election.

Continue reading “USD Continues the Retreat Despite the Jump in ISM Services” →

Microchip Q3 Earnings to Be Posted Later Today

Posted on November 5, 2024 by Timothy St. John

On Tuesday when the market closes, Microchip Technology (MCHP) will be posting its third quarterly earnings report, and we have the information you need to know.

Microchip Technology is preparing to release its earnings report.

For the last quarter, Microchip Technology’s revenue was down 45% from the previous year to $1.24 billion. That was what analysts expected, but it did not bode well for the company. The company’s stock dropped dramatically around that Q2 earnings report. Should investors expect a similar performance for this quarter?

The expectation is that this stock will decline again as earnings have declined as well. Another 48% drop is what analysts are predicting, which would place the quarterly earnings at $1.15 billion. Last year for this 3rd quarter, the company saw an increase of 8.7%, and we do not expect anything nearly as positive for the report later today.

The company will likely see an adjusted earnings per share of $0.43. These estimates have all been repeatedly discussed over the last month, and most analysts agree that these numbers are very close to what we will see for today’s report.

Over the last two years, Microchip Technology has missed the analyst expectations for revenue four times. We could see that happen again this year, but we still do not expect the revenue to greatly improve.

Should Investors Buy This Stock?

Microchip stock peaked in late May of this year and has never recovered. It has been on a broadly downward trend since then, with a sharp decline in August that led to lower overall levels for the stock. We expect the stock to have some upward movement still this year but it is not likely to be sustained.

Anyone wanting to trade this stock over the short term should watch it closely for signs of bullish behavior. It does not appear to be a good long term investment right now, and it would be dangerous to simply buy it up and then not keep a close eye on it, since it could lose a lot of value over time.

This is the current trajectory for the stock, and for now, the company has not done enough to reverse course. We do not expect the stock to climb high for long throughout the remainder of 2024, and we would recommend avoiding it for now as a low performing stock until something changes with the company.

Asian Markets Swing as U.S. Election Adds Uncertainty

Posted on November 5, 2024 by Sophia Cruz

In today’s trading, Asian markets showed mixed performance as investors kept a close eye on the upcoming U.S. elections, a pivotal event that could have far-reaching economic consequences worldwide. According to NHK World, this sentiment has led to fluctuating confidence among investors, especially as the U.S. heads toward a highly unpredictable election that will shape its economic policies.

Asian Markets Swing as U.S. Election Adds Uncertainty

The anticipation surrounding the election has led to increased volatility in Asian markets. The Hang Seng index in Hong Kong and Japan’s Nikkei both saw fluctuations, with investors awaiting cues that could offer insight into future global trade policies and economic direction. As Zawya reports, most Asian markets have experienced slight rises, signaling cautious optimism among traders who are prepared for potential shifts in U.S.-Asia relations depending on the election outcome.

Japan’s Nikkei index showed particular resilience, as noted in NHK’s backstory coverage. Japan, a key trade partner of the U.S., could face notable changes in economic policy if the U.S. shifts its stance on trade relations. Analysts believe that Japan’s economic landscape could benefit from a stable and cooperative U.S.-Asia relationship, but uncertainties remain. The yen also experienced some minor shifts, reflecting the nervous sentiment in the currency markets.

Elsewhere in the region, investors are keenly aware of how U.S. policy could influence sectors like technology, manufacturing, and exports across Asia. Given the close ties between U.S. consumer demand and Asian supply chains, this election’s outcome could affect everything from corporate earnings to stock valuations. MSN reports that swings in market performance today are largely due to strategic repositioning by investors hedging their bets ahead of the election’s impact on these crucial sectors.

In summary, today’s mixed performance across Asian markets highlights a region on edge, bracing for the effects of a pivotal U.S. election. With global trade policies and economic stability on the line, investors remain both cautious and hopeful as they navigate this period of heightened market activity.

Nikkei 225 – up 1.1% to 38,474.66

Hang Seng Index – up 0.3% to 20,636.74

Shanghai Composite – 0.4% to 3,322.02

XRP Competitor Poised for a Massive Price Surge, Veteran Investor Predicts

Posted on November 5, 2024 by Sophia Cruz

In the fast-paced cryptocurrency market, where projects compete for dominance, certain assets are capturing heightened attention for their explosive potential. Recently, an XRP competitor has emerged as a top prospect, with a veteran Ripple investor predicting a staggering 12,736% price increase over the next three months. This forecast has stirred up excitement among investors, especially as they search for the next big opportunity in the volatile digital asset landscape.

XRP Competitor Poised for a Massive Price Surge, Veteran Investor Predicts

This promising competitor to XRP stands out due to its innovative technology and strong market positioning. Unlike XRP, which is widely recognized for its application in cross-border payments, this asset offers unique capabilities that could disrupt various sectors, making it more attractive for diverse use cases. Analysts believe this versatility, combined with strategic partnerships and network growth, could propel it into the mainstream, potentially driving up its valuation. The impressive forecast from the veteran Ripple investor underscores the asset’s potential to appeal to those seeking high returns amid a competitive crypto market.

Investor sentiment surrounding this asset is also fueling its momentum. The CoinMarketCap community article highlights growing enthusiasm within online crypto communities, where discussions are rife with speculation and optimism. Community interest often plays a pivotal role in crypto price movement, as social media influence and community-driven buys have been known to impact demand sharply. As more investors rally behind this XRP competitor, its price could experience further upward pressure, aligning with the projected surge.

However, like any high-return prediction, risks abound. The cryptocurrency market is notoriously volatile, and while the projected price increase is promising, it also comes with inherent risks. Experts caution investors to remain aware of market fluctuations and manage expectations carefully. Regardless, the market outlook for this XRP competitor remains optimistic, marking it as a key asset to watch closely.

In summary, the XRP competitor’s anticipated growth reflects both the volatility and potential of cryptocurrency investments. For those following the Ripple ecosystem, this projected surge serves as a reminder of the transformative opportunities in the crypto space — albeit with the caution that accompanies all high-stakes predictions.

USD to NZD Rate Returns Below 0.60 After RBNZ Comments

Posted on November 5, 2024 by Skerdian Meta

The USD to NZD rate continues to be on a one-way lane, continuing the decline after the failed attempt to return above the major level at 0.60. The pair opened with a 50 pip bullish gap after polls showed a more balanced outcome from the US elections, but that didn’t last long and the price reversed back down. Continue reading “USD to NZD Rate Returns Below 0.60 After RBNZ Comments” →

Presidential Candidates on Crypto- What Is Their Stance?

Posted on November 5, 2024 by Timothy St. John

The election results could be known as soon as this evening or Wednesday morning, and the outcome will have a definite impact on the cryptocurrency industry.

The elections will heavily impact crypto.

In recent weeks, Kamala Harris has started to speak out on her stance on cryptocurrency. The democratic party has been notoriously restrictive when it comes to crypto legislation, holding back some of the industry’s progress and permitting the SEC to go after crypto companies that do not toe a very uncertain line. But with Harris offering support for crypto, that is good news for those investors and de-fi companies that were worried about what would happen if she became President.

A recent movement called Crypto4Harris has been making waves, started by Democratic lawmakers who are self-described crypto advocates. They wanted to show that even though Trump and the Republicans have been very vocal about their crypto support and have pumped millions into the crypto industry, Democrats too support crypto. Harris spoke recently about how she would put into place a regulatory framework for cryptocurrency that will encourage accessibility and protection for digital investments.

In September, she spoke about her support for investing in crypto and AI if she wins the election. Many crypto enthusiasts are less excited about her stance on crypto since she has not listed specifics as to how she will support crypto, especially when compared to Donald Trump.

The Trump Stance

Anyone who has been paying attention to the crypto industry over the past year has seen a lot of news stories about Donald Trump promising specific support for crypto. One of his biggest incentives has been the World Liberty Financial initiative, which is designed in part to make crypto more accessible to lower income individuals including those who do not qualify for a bank account.

Trump’s administration has already launched this project as well as a proprietary crypto token. In addition, Trump has promised to work on the regulatory framework surrounding cryptocurrency to make sure he encourages technological growth and industry progress without unnecessary restricting cryptocurrency. This is similar to what Harris has promised, but Trump’s campaign has been much more specific about what he plans to do in regards to decentralized finance.

Crypto companies have spent millions on the election so far because they know how important it is for their future. With plenty of talks of regulating cryptocurrency, there is a vested interest from the industry in making sure that whoever is President is supporting cryptocurrency.

Stock Market Outlook for Election Day

Posted on November 5, 2024 by Timothy St. John

US elections are taking place today and the stock market will open as usual. Before the market closed on Monday, all three major indices were down.

Today is election day for the US, and the stock market is expected to be uncertain.

The Nasdaq Composite fell by 0.33%, with the Dow Jones dropping 0.61% ahead of Tuesday’s opening. The S&P 500 is down as well, with a decrease of 0.28%.

What we expect for the week following the election is choppy trading, if the last election is any indication. Previous elections all the way back to 1980 show similar trends of doubt. There will be even more uncertainty as investors try to determine how a new president will affect the market and make predictions about which stocks will last after major changes occur.

The economy is sure to be a major area of focus for whoever wins, as the state of the US jobs market, inflation, gas prices, and other pressing economic issues have been repeated talking points for this election cycle. One of the first things that voters will expect the new president to address is the economy in some way or another.

The Election’s Final Stage

Voters are going to the polls today around the country, although many early voters have already cast their ballots. The early numbers strongly suggest a neck and neck race between Donald Trump and Kamala Harris. Robert F. Kennedy Jr. dropped out of the presidential race not long ago to back Trump, leaving no other major candidate to oppose the two big ones. It is too early to call the race at this point, and it could easily go either way.

There will likely be very trepidatious trading today as investors and analysts hold their breath waiting for election results. We anticipate most of the trading will take place on the stalwart stocks, like Nvidia, Wal-Mart, Microsoft, and Google, which are all expected to do well no matter who wins the election.

Stocks that are likely to take a beating if Harris wins include Tesla and Pfizer- Tesla for its association with CEO Elon Musk, who is outspoken against Harris, and Pfizer for the proposed profit-cutting acts Harris plans to launch against drug companies.

If Trump wins, then renewable energy stocks may take a hit, as many of them are waiting on promises from Harris to help fund them. Stay tuned as we share market reactions to the election results on this site.